Business Spend Management Software Market Insights 2020 | Forecast till 2027
Posted by shweta2707 on August 26th, 2020
Business spend management solutions provide access to structured workflows and a clear overview of procurement analytics which help to identify the best ways to secure cost savings.
Additionally, business spend management enables the identification of risks through a detailed analysis of supply market trends, contracts, and supplier performance scorecards.
Global Business Spend Management Software Market is expected to exhibit growth rate of 11.2% during the forecast period (2019–2027).
Global business spend management software market is facing data security concerns in cloud-based deployment. Cloud-based deployment solutions store highly sensitive data related to the organization’s financial details, supplier or contractor details, and customer's information. In the case of security breach this would cause a huge loss to the organization.
Figure. Global Business Spend Management Software Market Share (%), by Region (2027)
In 2018, North America was the dominant region in the business spend management software market, and it is expected to retain its dominance over the forecast period owing to presence of developed economies such as U.S. and Canada. Spend management software providers in the region are investing heavily in research and development activities, in order to enhance their software capabilities. For instance, in May 2018, Coupa Software Inc. launched a new product for business spend management. This new launch will increase the company’s visibility in terms of organizational spending, operational processes, and performance.
Some of the major players operating in the global Business Spend Management Software Market include:
Advanced, Ariba, Inc. (SAP SE), Coupa Software Inc, GEP, Procurify, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc., TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt Limited (Happay), and others.
8Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions.
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Email: email@example.comAlso See: Spend Management, Business Spend, Till 2027, Spend Visibility, Spend, Management, Business
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